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The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15. The data, presented by Minister of State for Finance Pankaj Chaudhary, also revealed that PIT collection grew from Rs 2.66 lakh crore in FY15 to over Rs 10.4 lakh crore in FY24 - an increase of 293%. Revised Tax Terminology The government has replaced the term "personal in
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FAQ :
Personal income tax collections now represent 3.5% of GDP in FY 2023-24.
Over the last decade, personal income tax collection as a percentage of GDP has surged by 140 basis points, rising from 2.1% in FY 2014-15 to 3.5% in FY 2023-24.
Growth in personal income tax collections is influenced by economic growth, tax rates, expansion of the taxpayer base, and compliance levels.
A new income tax regime under Section 115BAC was introduced, offering taxpayers a choice between the old system with deductions or a new simplified system with lower tax rates but fewer deductions.
The New Income Tax Bill aims to simplify the tax statute, making it more accessible and comprehensible, while retaining technological reforms to enhance ease of compliance.
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